Greencoat profit nearly doubles

Greencoat UK Wind PLC (UKW.LN) said Friday that first-half pretax profit rose 91% on increased income, as it benefited from higher-than-expected electricity prices.

The renewable infrastructure fund said profit before tax was 64.8 million pounds ($85.3 million) for the six months ended June 30, up from GBP32.4 million the previous year. Revenue rose 85% to GBP75.8 million pounds.

Net asset value at June 30 was 112.4 pence a share, up from 111.2 pence as of Dec. 31.

It declared a quarterly dividend of 1.69 pence for the period from April 1 to June 30.

"We are pleased to report continued solid performance of our portfolio, with good cash generation, an increase in the dividend and strong dividend cover," said Chairman Tim Ingram.

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